Calculate cost of goods sold and ending inventory for each, Ask an Expert

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Q1) Credit Card Company had inventory data for current month given below.

Beg inventory + 10 units @ $50. = $500

1st purchase = 30 units @ 60 = $1,800

2nd purchase = 25 units @ 65 -$1,625

Total units = 65 Total cost = $3,925

At the ending of month, there were 15 units on hand.

find out cost of goods sold and ending inventory for each of given methods.

a. Average cost

b. First in-First out(FIFO)

c. Last in - First out(LIFO)

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M916848

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